Boasting solid support for the business community, South Carolina features over 430,000 small businesses that account for 99.4 percent of total businesses. Considering the thriving business environment in South Carolina, business owners can’t forget about commercial insurance. Whether your business is in Rock Hill, Greenville, or Chapin, SC, business insurance ensures that your business is protected amid the uncertain environment.
Commercial insurance explained
While business insurance is vital, it’s still not understood by many business owners. As a matter of fact, many entrepreneurs don’t know how business insurance protects them. For others, they think commercial insurance is all about liability. Thankfully, PAL Finance Group LLC is here to explain commercial insurance if you are in a similar sea of confusion.
What is commercial insurance?
Simply put, commercial insurance is insurance that protects businesses. It covers businesses against risks like liability claims, theft, vandalism, theft, employee injuries, and numerous natural calamities. Is commercial insurance mandatory in South Carolina? Yes, some insurance coverages are required in Palmetto State. If you have more than four employees, you are required to carry workers’ comp insurance. On the other hand, if you have commercial vehicles, you must purchase commercial auto insurance.
Is commercial insurance all about liability coverage?
It’s true; businesses face various financial liabilities, making business general liability coverage one of the most common business insurance coverages. This coverage protects businesses against:
- Bodily injury caused to others
- Property damage to third party’s property
- Advertising injury
While commercial insurance provides liability coverage, it’s broader than that. Other coverages provided by commercial insurance include:
- Workers’ comp insurance to protect employees
- Professional liability to safeguard businesses against alleged negligence
- Umbrella insurance to protect against significant financial claims
- Commercial property insurance to protect business assets
- Business income insurance to cushion against loss of income
- Cyber liability to safeguard businesses against cyberattacks
As you can see, commercial insurance protects your business in more than one way. If your Chapin, SC business is running without commercial insurance, it’s time to buy a policy from PAL Finance Group LLC. Contact us today for an affordable quote.